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News Details - Legislature Urges Extension of Tax Surcharge on the Wealthy
Stating its belief that “all New Yorkers should share in sacrifice in these difficult fiscal times, especially those most financially able to do so,” the Legislature called for the State Legislature to temporarily extend the State’s tax surcharge on the wealthy to provide additional revenues to the state and mitigate the substantial negative effect of proposed cuts in the Governor’s budget on the most vulnerable New York residents. The final vote was unanimous (with Legislator Nathan Shinagawa excused), after three proposed amendments were debated regarding whether the Legislature should advocate temporary or permanent extension of the surcharge. The surcharge, enacted by the State on a temporary basis in 2009, increased the tax rate on those earning between $300,000 and $500,000 from 6.85 to 7.85%, and those earning more than $500,000 to 8.97%.